A joint resolution to amend the Constitution of the United States to provide for balanced budgets.

Constitutional Amendment - Prohibits, during the fiscal year beginning after the ratification of this article, total outlays of the Government from exceeding total estimated receipts by more than 50 percent of any excess of outlays over receipts in the preceding fiscal year. Prohibits, for each succeeding year, total outlays of the Government from exceeding total receipts.

Permits total outlays to exceed total receipts in the case of a national emergency as determined by a three-fourths rollcall vote of each House of Congress.